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Income taxes | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Income taxes |
22. | Income taxes
|  | 2017 |  |  | 2016 |  |  | 2015 |
Current taxes expense - |  |  |  |  |  |  |  |  |  |  |  |
Current period |  | $ | (43,034 | ) |  | $ | (31,666 | ) |  | $ | (30,435 | )
Adjustment for prior period |  |  | 455 |  |  |  | (127 | ) |  |  | (1,228 | )
|  | $ | (42,579 | ) |  | $ | (31,793 | ) |  | $ | (31,663 | )
Deferred taxes expenses - |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | (6,731 | ) |  |  | (6,478 | ) |  |  | (1,096 | )
Total income tax expense |  | $ | (49,310 | ) |  | $ | (38,271 | ) |  | $ | (32,759 | )
During the year 2016 the deferred tax balances have been re-measured as a result of the change in Colombia’s income tax rate, 37% for short term position and 33% for long term position according to the law N°1819 published on December 29, 2016. Deferred tax expected to reverse in the year 2018, has been measured using the effective rate that will apply in Colombia for the period (37%). The balances of deferred taxes are as follows:
|  | Statement |  |  | Statement of |
|  | of financial position |  |  | profit or loss |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maintenance deposits |  | $ | (26,586 | ) |  | $ | (23,790 | ) |  | $ | 2,796 |  |  | $ | 2,286 |  |  | $ | 5,866 |
Prepaid dividend tax |  |  | (14,103 | ) |  |  | (12,432 | ) |  |  | 1,671 |  |  |  | 5,300 |  |  |  | — |
Property and equipment |  |  | (9,975 | ) |  |  | (7,867 | ) |  |  | 2,108 |  |  |  | (1,599 | ) |  |  | 3,579 |
Other |  |  | (4,050 | ) |  |  | (6,013 | ) |  |  | (1,963 | ) |  |  | (10,147 | ) |  |  | 11,692 |
Set off tax |  |  | 2,249 |  |  |  | 5,128 |  |  |  | 2,879 |  |  |  | 16,269 |  |  |  | (24,568 | )
|  | $ | (52,465 | ) |  | $ | (44,974 | ) |  | $ | 7,491 |  |  | $ | 12,109 |  |  | $ | (3,431 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for return conditions |  | $ | 7,859 |  |  | $ | 7,606 |  |  | $ | (253 | ) |  | $ | 4,417 |  |  | $ | (11,203 | )
Air traffic liability |  |  | 1,281 |  |  |  | 1,015 |  |  |  | (266 | ) |  |  | 305 |  |  |  | 1,076 |
Fuel derivative |  |  | — |  |  |  | 107 |  |  |  | 107 |  |  |  | 4,403 |  |  |  | 94 |
Other provisions |  |  | 4,859 |  |  |  | 4,587 |  |  |  | (272 | ) |  |  | (3,059 | ) |  |  | 4,716 |
Tax loss |  |  | 7,349 |  |  |  | 10,152 |  |  |  | 2,803 |  |  |  | 4,572 |  |  |  | (14,724 | )
Set off tax |  |  | (2,249 | ) |  |  | (5,128 | ) |  |  | (2,879 | ) |  |  | (16,269 | ) |  |  | 24,568 |
|  | $ | 19,099 |  |  | $ | 18,339 |  |  | $ | (760 | ) |  | $ | (5,631 | ) |  | $ | 4,527 |
|  | $ | (33,366 | ) |  | $ | (26,635 | ) |  | $ | 6,731 |  |  | $ | 6,478 |  |  | $ | 1,096 |
At December 31, 2017 the deferred tax assets include an amount of $7.3 million ($10.1 million at December, 2016) which relates to carried forward tax losses of Copa Colombia. During 2017, the subsidiary generated a tax profit. The Company has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans for the subsidiary. The Company expects to use the remaining tax losses within the next three to five years, however, these tax losses can be carried forward indefinitely. The aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized, is $397.9 million as of December 31, 2017 (2016: $237.1 million). Reconciliation of the effective tax rate is as follows:
|  | Tax rate |  |  | 2017 |  |  | Tax rate |  |  | 2016 |  |  | Tax rate |  |  | 2015 |
Net income (loss) |  |  |  |  |  | $ | 369,658 |  |  |  |  |  |  | $ | 325,928 |  |  |  |  |  |  | $ | (240,634 | )
Total income tax expense |  |  |  |  |  |  | 49,310 |  |  |  |  |  |  |  | 38,271 |  |  |  |  |  |  |  | 32,759 |
Profit (loss) excluding income tax |  |  |  |  |  |  | 418,968 |  |  |  |  |  |  |  | 364,199 |  |  |  |  |  |  |  | (207,875 | )
Income taxes at Panamanian statutory rates |  |  | 25.0 | % |  |  | 104,742 |  |  |  | 25.0 | % |  |  | 91,050 |  |  |  | 25.0 | % |  |  | (51,969 | )
Panamanian gross tax election |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of tax rates in non-panamanian jurisdictions |  |  | 0.1 | % |  |  | 590 |  |  |  | (2.5 | %) |  |  | (9,260 | ) |  |  | (11.0 | %) |  |  | 22,936 |
Exemption in non - taxable countries |  |  | (13.3 | %) |  |  | (55,567 | ) |  |  | (12.0 | %) |  |  | (43,646 | ) |  |  | (29.1 | %) |  |  | 60,564 |
Adjustment for prior period |  |  | (0.1 | %) |  |  | (455 | ) |  |  | 0.03 | % |  |  | 127 |  |  |  | (0.6 | %) |  |  | 1,228 |
Provision for income taxes |  |  | 11.7 | % |  | $ | 49,310 |  |  |  | 10.5 | % |  | $ | 38,271 |  |  |  | (15.7 | %) |  | $ | 32,759 |

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